If I knew enough about what I was buying, I would also be working on automation/procedures as well as attending the local REIA and interviewing contractors.

When a new tenant moves in, I go over the lease and payment procedures with them and emphasize that my husband and I have to pay the mortgage every month with that rent, plus the maintenance fees, taxes, repairs, and insurance.

Care to share a little of the procedures involved in municipal planning?

I also firmly believe that the time commitment is highly dependent on where your rentals are located, how well you maintain them, and your screening procedures.

Not sure what state the lot is in so I can not speak to the foreclosure procedures but I don't think the bank is going to jump at trying to take it back from you.

All cities and counties here already have abatement procedures.

Anytime I come across a problem (something I learned in helping to run a youth organization for the past 6 years) it's time to implement a procedure to ensure it doesn't happen again.

It's much easier (and less costly for you) to prepare these when proper accounting procedures are followed.

Lenders and HUD are very strict about their procedures.

I will likely add company procedures in here when I finish writing them.